Perceptions

The recession is only hurting the lower class

5 Comments 29 March 2011

By mid-2010, 0.5% of the world’s population entered millionaire-hood.  Basically, 24.5 million people joined the Millionaire club.  Those persons on average have $10 – 50 million dollars.  Their total wealth is ~$69.2 trillion dollars. (According to Credit Suisse Research Institute)

Did you know – The average salary in 2009 was only $306 higher than it was in 2007.  (According to the Social Security Administration)

Did you know – Inflation rose 3.8% from 2007 – 2008; decreased 0.4% from 2008 – 2009; increased 1.6% from 2009 – 2010.  (According to the Bureau of Labor Statistics)

Did you know – After inflation adjustment, the average income for middle class workers in 1988 was $33,400 and in 2008 the average income was $33,000.  However, during the same time frame, the upper class or richest 1% have seen incomes increase by 33%.  (According to the New York Times)

Enough know, let’s hear from the smart people.

The recession is only hurting the lower class.

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